Our Editor's take

What is this for?:Due to consistently having one of the lowest variable interest rates in the country, this card has made our Editor's Choice Awards every year since they began.Watch out for:This card is only available to people with impeccable credit

Curtis ArnoldEditor-in-chief

Full Review

Curtis ArnoldEditor-in-chief

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If you need the Simmons Bank Visa Platinum, you probably can't get the Simmons Bank Visa Platinum. That's because this credit card for excellent credit operates at an intersection rarely crossed by most Americans: a no frills, no annual fee credit card with one of the lowest variable APRs on the market, available exclusively to applicants with zero blemishes on their credit reports.

With physical branches in just three states, Simmons Bank barely qualifies as a regional bank. However, they've spent over a century building a reputation for fairness, value, and customer service. Their conservative underwriting approach means that very, very few of their customers ever default on their loans. Therefore, they can offer some of the country's best low interest credit cards. This basic credit card routinely offers a very small spread from the prime rate, ensuring that you'll save money whenever you need to park a balance here.

Best card for balance transfersSimmons Bank Visa Platinum may not come with a leading-edge online banking service or a fleet of concierges standing by, but it offers something that most elite credit cards don't provide: free balance transfers. That means you can pair this account with your favorite rewards credit card or cash back credit card whenever you can't pay off a purchase within a single statement cycle. This one-two punch can help you finance large purchases, like appliances or vacations, when you don't have access to a zero interest teaser rate from another lender.

Otherwise, this card's extra perks and benefits match what you'll get from just about any lender's entry level Visa or MasterCard account. The card includes ATM access for cash advances at a slightly higher interest rate than that for standard purchases. Purchase your airline or cruise tickets with this card, and you'll get up to a million dollars in automatic travel accident insurance. The Visa Auto Rental Insurance program means you won't have to pay a rental agency's CDW at the airport.

How the Simmons Bank Visa Platinum compares to other low interest credit cards

Only a few credit cards offer similar feature set. IberiaBank, another small lender, issues Visa Platinum accounts with APRs about the same as Simmons Bank. They charge 2 percent fees on balance transfers, though. The Chase Slate also offers occasional signup promotions an introductory no fee balance transfer if you transfer balances during the first 60 days your account is open. Slate's variable interest rate rises back above 10 percent at the end of the teaser period.

Barclaycard Ring lets you transfer a balance at no fee, anytime, with a variable interest rate that's about a percentage point higher than Simmons Bank. However, reports from the first wave of cardholders report that Barclays' US team uses far less stringent application guidelines than Simmons Bank. If you've got a significant balance on a competing card, you may have an easier time getting approved for Barclaycard Ring than for a Simmons Bank Visa Platinum.

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